Banks say they are transforming
SOUTH Africa’s banks have gone on the offensive after being criticised by some politicians for their lending practices and record in addressing racial inequality.
“The banking industry is not resistant to transformation,” Cas Coovadia, the managing director of the Banking Association of South Africa (Basa), told hearings by parliament’s finance and trade and industry committees on racial transformation in the industry yesterday.
“On access to financial services, we’ve made significant progress. We have training programmes in place to fast-track junior and middle management,” he said.
Basa defended the industry’s record in extending services to black individuals and businesses. It said that between 2012 and 2015 banks made R94 billion in financing available for affordable housing, R41bn for small- and mediumsized black enterprises, and R7bn for black agricultural businesses.
The industry intends making R100bn in financing available to support black-owned businesses over about five years, Thabo Tlaba-Mokoena, Basa’s general manager for financial inclusion, said.